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Purchase: A Purchase transaction involves the transfer of property from seller to buyer.
Refinance: There are two types of Refinance transactions.
1) Cash Out Refi: A Cash Out Refi is where equity is withdrawn from a property in a lump sum.
2) Rate Term Refi: A Rate Term Refi is where equity is NOT withdrawn from a property. In this instance, only the Rate and Term of the existing lien are adjusted.
Conventional: Our most common Loan Program. Conventional loans can be for many types of property and usually feature lower interest rates.
Government Programs: FHA, USDA-RD, and VA are collectively known as Government Programs, but they are very different from each other!
FHA: FHA, or the Federal Housing Administration, is a great option for lower income or first-time buyers. FHA purchases require 3.5% down and has a minimum credit score requirement lower than most conventional programs BUT Mortgage Insurance is required on every FHA file.
USDA-RD: RD, or the USDA’s Rural Development plan, is a potential ZERO down option with a catch. Borrowers wanting to use this program must find an eligible property AND have a qualifying income. RD loans also feature Mortgage Insurance.
VA: VA loans offer benefits exclusive to Veteran buyers or homeowners. Terms of VA loans vary from Veteran to Veteran, so be sure to ask your Loan Officer if the VA program is the best option for you!